If you plan on selling your home and have decided that you need to price it right in order to unload it quickly, here are some home pricing strategies that will serve to make your mission an easy one.
Every home buyer bases a home purchase on affordability and if your home pricing strategy is on point, you can score big.
Home pricing strategies that work#1
Market comparables or “comps,” as they are referred to in real estate, are viewed as the best tool for determining your home’s value. Before you decide on your selling price, reviewing market comparables is the best way to go.
Home pricing strategies that work #2
Check out unsold homes
If you want to price your home right, you will have to do your homework. Look around your neighbourhood and find homes that are similar to yours, but that have not sold. If these homes have been on the market for over 30 days, chances are they are not priced right.
If a home on your block sells quickly, find out how much they sold for. This information will give you a good idea about the market and how to set your price.
Home pricing strategies that work #3
Get a Comparative Market Analysis (CMA)
A licensed real estate professional will take the relevant information in order to complete the report. A Comparative Market Analysis contains a list of comparables and a recommended price range for your property based on the local market.
The results and an explanation of the local market may be supported by a document that details everything, allowing you to refer to it during visits with potential buyers.
Home pricing strategies that work #4
Get an appraisal
An appraisal costs anywhere between approximately $250 to $400 depending on the size of your home and its uniqueness. Once your home is reviewed for amenities and inclusions, the appraiser will furnish you with a review of your home, comps, and the market. This appraisal is an estimation of your property’s fair market value, but it does not mean that this is what you should be pricing it at.
All of the aforementioned tips will work best if you use more than one method to price your home adequately.
Home pricing strategies that work #5
Pick a round number
Most home sellers and home buyers agree that there is something disconcerting about buying a home that is priced at $500,000. Psychologically, $499,000 sounds more affordable. The reality, however, is that most people begin their home hunt online and most search criteria does not allow for the 99s. So by pricing even $1,000 under a round number, you may be missing out on a whole slew of potential buyers who can afford a home priced at $500,000.
If you are ready to sell your home today, visit ComFree.com for more information.